. >> joining me is mohammed el area, the ceo at pimco one of the world's largest investors in global bonds. welcome back to the show. you say taxes will and should go up for wealthy. you predict republicans in your words will shout and scream but ultimately they will go along with the tax hike for the sake of avoiding an economic disaster. that's the president, not republicans, that blinked in 2010. why do you think the republicans will back down now? >> i think it is different this time around. first, nobody wants to go over the fiscal cliff. this implies a recession and implies unemployment going up. and it implies us shooting our self in the foot at a time when the global environment is much more difficult. see what's happening in europe in the middle east, in china. second, you just had an election, ali, and the message, one of the messages of the election was one of shared responsibility, and fairer burden sharing. and it's a period in which the rich have done extremely well. not just on the outside but also in terms of being protected on the downside. finally and importantly, t